Cashaa Crypto Exchange Has Reportedly Lost 336 BTC through A...
Cryptocurrency, News

Cashaa Crypto Exchange Has Reportedly Lost 336 BTC through A Wallet Hack

Cashaa, a U.K.-based company that offers financial services for crypto-related businesses, has reportedly lost crypto funds to hackers. The company, which also runs a crypto exchange for retail investors and traders, has reported that 336 Bitcoins were stolen from the exchange on Friday afternoon. The attack was reported to have happened after an employee logged into his system and made 2 transfers from the company’s wallet. 

According to a report, it is suspected that a malware was installed unto the computer used to make exchange transfers like user withdrawals. It is believed that this malware notified the hacker at the time their employee logged into the account at 1:23 p.m. on July 10 and made 2 transfers from the wallet. Between 1:23 p.m. and 1:26 p.m., all the funds in Cashaa’s wallet, which was around 336 BTC, were transferred to one Bitcoin wallet (14RYUUaMW1shoxCav4znEh64xnTtL3a2Ek).

Notably, there is no issue with the banking services provided by Cashaa. The company claims all business accounts are working without any interruption. However, all crypto transactions have been halted and an emergency board meeting is being held to decide further actions. Furthermore, the company has informed the cybercrime department in Delhi and has also notified all crypto exchanges about the hacker address to block the BTC transaction.

The CEO of Cashaa, Kumar Gaurav blamed increasing hacking incidents on the exchanges that support trading where these hackers can deposit the funds. According to him, everyone working in the crypto space has to work very hard to bring the same level of security which an average person currently has when dealing with a bank account. 

He added that as of today, hackers are very confident to hack crypto wallets and move their funds through exchanges that are facilitating such laundering through their systems. Gaurav is of the view that, such exchanges must be shut down and their owners should be charged with money laundering facilitation crime. 

coinmag

Born, raised and schooled in Sweden with a degree in law, Glenn is a long time crypto enthusiast. He quickly acknowledged the potential of the blockchain technology, and the benefits of decentralization. Glenn believes in a future where blockchain technology and decentralization will govern and enable people to have a transparent security and financial system.